332 Madison Ave · Evansville, IN 47713

$75,000

2 bd · 2.0 ba · 1,592 sqft · SingleFamily · 114 Days on market

Built 1939 Fair condition 2,614 sqft lot $47/sqft · 49% below area Est $146k · 49% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This duplex, near Haynie's Corner, has a ton of potential and is currently fully leased! Each unit has 1 bedroom and 1 full bathroom with a living space and kitchen/dining. There are beautiful hardwood floors in the bedroom and living room and butcher block counters in the kitchen. The back yard has a small fenced in area with a grassy lot behind it that is also being sold with the duplex. The duplex is being sold in " AS IS " condition.

Key facts

• New window a/c units
• Additional lot
• New roof

Tags

• BUTCHER BLOCK COUNTERTOPS
• NEW ROOF
• NEW WINDOW A/C UNITS
• FENCED-IN YARD
• ADDITIONAL LOT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 4.5% in Evansville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#416 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment D-.
• Evansville Vanderburgh School Corporation (urban): math 36% / reading 43% proficiency, ranked #153 of 301 in IN (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln School (math 12% / reading 17%, grade F, #862 of 994 statewide, top 88%, 236 students, 88% FRL); Washington Middle School (math 14% / reading 24%, grade F, #274 of 330 statewide, top 83%, 353 students, 70% FRL); New Tech Institute (math 34% / reading 74%, grade C-, #79 of 369 statewide, top 26%, 275 students, 40% FRL) — zoned schools average 66% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.9%/yr); 169 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 508 units permitted in Vanderburgh County in 2024 (32 in 5+ unit buildings).
• This rent runs 40% of the median local income ($41k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $49k; list at $75k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.84% ✓
• Cap rate: 15.40%
• Cash-on-cash: 32.51%
• DSCR: 2.45
• GRM: 4.5

CMA / ARV

• ARV (median comp): $146,304
• List price: $75,000
• Delta: -48.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 E Chandler Ave	0.40mi	3/2.0 (+1)	1,525 (-4%)	6mo	$51,000	$33	64
637 Adams Ave	0.26mi	3/2.0 (+1)	1,769 (+11%)	4mo	$260,000	$147	61
1401 S Grand Ave	0.60mi	3/1.0 (+1)	1,600 (+0%)	3mo	$100,000	$63	60
615 Jackson Ave	0.25mi	3/1.0 (+1)	1,412 (-11%)	1mo	$45,000	$32	59
618 Bayard Park Dr	0.48mi	3/2.0 (+1)	1,437 (-10%)	11mo	$80,500	$56	48
401 Chandler Ave	0.49mi	3/1.5 (+1)	1,780 (+12%)	6mo	$160,000	$90	45
615 E Gum St	0.50mi	2/1.0	1,819 (+14%)	4mo	$92,000	$51	45
725 Waggoner Ave	0.57mi	3/1.5 (+1)	1,398 (-12%)	2mo	$113,800	$81	45
1025 Jefferson Ave	0.73mi	2/1.0	1,453 (-9%)	8mo	$113,000	$78	41
820 Taylor Ave	0.50mi	3/1.5 (+1)	1,820 (+14%)	10mo	$128,750	$71	38
603 E Gum St	0.49mi	3/1.0 (+1)	1,366 (-14%)	11mo	$118,000	$86	35
810 E Gum St	0.65mi	3/1.0 (+1)	1,820 (+14%)	7mo	$155,000	$85	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 2.49×
• Total profit: $31,377
• Equity at exit: $11,183

10-year hold

• IRR: 42.8%
• Equity multiple: 6.10×
• Total profit: $107,171
• Equity at exit: $6,485

Cash invested: $21,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 20 active · 16 under contract
• Months of supply: 8.0 mo (12%/mo absorbed)
• Median asking: $95,450 ($67/sqft)
• Median days on market: 107 d
• This list price: 25% of active listings are priced below it
• ARV vs active asking: +36.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 47713

• Home prices YoY: -34.1%
• Rents YoY: 9.9%
• Active inventory: 169
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,376 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $569

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 54%

Sensitivity live

Price	-10% $621	-5% $595	+0% $569	+5% $543	+10% $517
Rent	-10% $460	-5% $515	+0% $569	+5% $623	+10% $678
Rate	-1.0pp $607	-0.5pp $588	base $569	+0.5pp $550	+1.0pp $530

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,750
• Closing costs: $2,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
605 Madison Ave Evansville, IN	2.0	1.0	1069	$1,375	$1.29	116d	1	0.19mi
17 Washington Ave Evansville, IN	2.0–4.0	1.0–2.0	1084	$1,455	$1.34	6d	1	0.32mi
18 Washington Ave Evansville, IN	2.0–4.0	1.0–2.0	1084	$1,455	$1.34	6d	1	0.32mi
719 E Chandler Ave Evansville, IN	3.0	1.5	1630	$1,250	$0.77	6d	1	0.44mi
615 SE 3rd St Unit D Evansville, IN	1.0	1.0	1122	$895	$0.80	116d	1	0.53mi
828 Sunset Ave Unit 862 Evansville, IN	3.0	2.0	1500	$1,600	$1.07	6d	1	0.55mi
322 SE 1st St Evansville, IN	1.0–2.0	1.0	1100	$1,700	$1.55	116d	6	0.74mi
315 SE 1st St Evansville, IN	1.0	1.0	1331	$1,695	$1.27	116d	1	0.77mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0	926	$2,449	$2.64	116d	4	0.85mi
202 SE 1st St Evansville, IN	1.0–2.0	1.0–2.0	1182	$2,415	$2.04	0d	22	0.85mi
424 Main St Evansville, IN	2.0	1.0–2.0	855	$2,424	$2.84	0d	113	0.96mi
1127 Lincoln Ave Evansville, IN	2.0	1.5	1200	$750	$0.62	6d	3	1.02mi
1263 Washington Ave Evansville, IN	2.0	1.0	1269	$1,255	$0.99	6d	1	1.03mi
215 Vine St Evansville, IN	2.0	1.0–2.0	846	$2,105	$2.49	0d	11	1.08mi
706 Court St Evansville, IN	2.0	1.5	1100	$850	$0.77	6d	1	1.17mi
313 NW Martin Luther King Junior Blvd Unit 311 Evansville, IN	2.0	1.0	1200	$950	$0.79	116d	1	1.18mi
41 W Division St Apt 200 Evansville, IN	2.0	2.0	1083	$1,500	$1.39	116d	1	1.20mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,599	$1.86	109d	7	1.33mi
200 N Main St Evansville, IN	2.0	1.0–2.0	857	$1,701	$1.98	0d	35	1.33mi
201 S Willow Rd Evansville, IN	3.0	1.0	1064	$1,250	$1.17	6d	1	1.49mi

Property features AI

Exterior

• Utilities: Public waterPublic sewer
• Home design: Single-family, site-built homeOne story
• Construction: Stone and vinyl siding exteriorSlab foundation
• Exterior features: Corner lotShed on property

Interior

• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heatingWindow and wall cooling units
• Interior features: 8 total rooms

Listing history 50 events

1. 2026-09-24
   days on market $75,000 Active 114 DOM
2. 2026-09-24
   days on market $75,000 Active 113 DOM
3. 2026-09-22
   days on market $75,000 Active 112 DOM
4. 2026-09-21
   days on market $75,000 Active 111 DOM
5. 2026-09-20
   days on market $75,000 Active 110 DOM
6. 2026-09-18
   days on market $75,000 Active 108 DOM
7. 2026-09-17
   days on market $75,000 Active 107 DOM
8. 2026-09-16
   days on market $75,000 Active 106 DOM
9. 2026-09-15
   days on market $75,000 Active 105 DOM
10. 2026-09-14
    days on market $75,000 Active 104 DOM
11. 2026-09-13
    days on market $75,000 Active 103 DOM
12. 2026-09-12
    days on market $75,000 Active 102 DOM
13. 2026-09-11
    days on market $75,000 Active 101 DOM
14. 2026-09-05
    days on market $75,000 Active 95 DOM
15. 2026-09-04
    days on market $75,000 Active 94 DOM
16. 2026-09-03
    days on market $75,000 Active 93 DOM
17. 2026-08-31
    days on market $75,000 Active 90 DOM
18. 2026-08-30
    days on market $75,000 Active 89 DOM
19. 2026-08-29
    days on market $75,000 Active 88 DOM
20. 2026-08-28
    days on market $75,000 Active 87 DOM
21. 2026-08-27
    days on market $75,000 Active 86 DOM
22. 2026-08-26
    days on market $75,000 Active 85 DOM
23. 2026-08-25
    days on market $75,000 Active 84 DOM
24. 2026-08-24
    days on market $75,000 Active 83 DOM
25. 2026-08-23
    days on market $75,000 Active 82 DOM
26. 2026-08-22
    days on market $75,000 Active 81 DOM
27. 2026-08-21
    days on market $75,000 Active 80 DOM
28. 2026-08-20
    days on market $75,000 Active 79 DOM
29. 2026-08-19
    days on market $75,000 Active 78 DOM
30. 2026-08-18
    days on market $75,000 Active 77 DOM
31. 2026-08-17
    days on market $75,000 Active 76 DOM
32. 2026-08-16
    days on market $75,000 Active 75 DOM
33. 2026-08-15
    days on market $75,000 Active 74 DOM
34. 2026-08-14
    days on market $75,000 Active 73 DOM
35. 2026-08-13
    days on market $75,000 Active 72 DOM
36. 2026-08-12
    days on market $75,000 Active 71 DOM
37. 2026-08-11
    days on market $75,000 Active 70 DOM
38. 2026-08-10
    days on market $75,000 Active 69 DOM
39. 2026-08-09
    days on market $75,000 Active 68 DOM
40. 2026-08-08
    days on market $75,000 Active 67 DOM
41. 2026-08-07
    days on market $75,000 Active 66 DOM
42. 2026-08-06
    days on market $75,000 Active 65 DOM
43. 2026-08-05
    days on market $75,000 Active 64 DOM
44. 2026-08-04
    days on market $75,000 Active 63 DOM
45. 2026-08-03
    days on market $75,000 Active 62 DOM
46. 2026-08-01
    status $75,000 Active 59 DOM
47. 2026-07-03
    status $75,000 Pending 59 DOM
48. 2026-07-03
    days on market $75,000 Active 59 DOM
49. 2026-07-02
    days on market $75,000 Active 58 DOM
50. 2026-07-01
    days on market $75,000 Active 57 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,515
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$2,182
• Taxable income: $5,990
• Est. tax owed @ 24.0%: −$1,438
• After-tax cash flow: $5,390/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab Est. rehab $39,800–$71,640 screening

This property requires moderate renovations to update the kitchen and bathroom, paint interior walls, replace windows, and landscape the yard. The home has a good roof and foundation, but the exterior and interior need significant work to improve its value.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major bathroom fixtures — dated and in poor condition
• Major exterior paint — peeling and overgrown yard

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing kitchen would appeal to buyers and renters ↑
• Both update bathroom fixtures and vanity — modernizing bathroom would appeal to buyers and renters ↑
• Both paint interior walls — fresh paint would improve curb appeal and interior aesthetics ↑
• Both replace windows — new windows would improve energy efficiency and curb appeal ↑
• Both landscape yard — landscaping would improve curb appeal and attract more renters ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 17/100

Zoned Schools

Elementary Lincoln School F IN #862/994 Nat'l #36,758/41,679 Middle Washington Middle School F IN #274/330 Nat'l #11,948/14,009 High Benjamin Bosse High School

Schools (NCES district)

• District: Evansville Vanderburgh School Corporation
• NCES district ID: 1803450
• Math proficiency: 36% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $43,270
• Composite: 33.41/100
• National rank: #5471
• State rank: #153 of 301 in IN

C Composite livability gradescore 63/100

Livability — Evansville

• Score: 63/100
• State rank: #416
• US rank: #15047

Category grades

Amenities C Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Evansville, IN
• County: Vanderburgh County · 187,038 people
• City population: 146,793
• Metro: Evansville, IN-KY
• Population (ZIP): 9,988
• Household income: $40,873
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 6% of renters

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Population outlook (Vanderburgh County) Hauer SSP2

• Today (2025): 187,038 people
• By 2030: 188,907 · +1.0%
• By 2040: 190,272 · +1.7%
• By 2050: 188,871 · +1.0%
• By 2075: 180,751 · -3.4%
• By 2100: 163,015 · -12.8%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 39% Two or more races 7% Hispanic / Latino 3% Pacific Islander 1% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 1% French/Haitian/Cajun 1%

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Political lean MEDSL · Vanderburgh

• 2024 margin: R (+12.7) · D 43.0% · R 55.6% · Other 1.4%
• 2008→2024 swing: -15.1pp toward R · 2008: 2.5pp · 2024: -12.7pp
• All cycles: 2024: R+12.7 2020: R+9.6 2016: R+16.9 2012: R+10.8 2008: D+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.22%
• Current HPI: 229.9312
• Rent YoY: ▲ 9.87%
• Metro: Evansville, IN-KY
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Property features AI

Exterior

• Utilities: Public waterPublic sewer
• Home design: Single-family, site-built homeOne story
• Construction: Stone and vinyl siding exteriorSlab foundation
• Exterior features: Corner lotShed on property

Interior

• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heatingWindow and wall cooling units
• Interior features: 8 total rooms

Price history

+36.4% since first listed

8 events — show timeline

• 2026-05-05 Listed $75,000 IRMLS
• 2022-10-20 Sold (MLS) $49,000 IRMLS
• 2022-09-19 Pending — IRMLS
• 2022-09-15 Relisted — IRMLS
• 2022-09-07 Pending — IRMLS
• 2022-09-05 Listed $49,000 IRMLS
• 2020-12-14 Sold (MLS) $52,500 IRMLS
• 2019-08-05 Listed $55,000 IRMLS